OMV: shares jump after Credit Suisse double upgrade

(CercleFinance.com) - Shares in OMV rose nearly 6% on Friday, helped by Credit Suisse's double-notch upgrade for the Austrian oil and gas company.


Credit Suisse gave several reasons for moving the stock to "outperform" from "underperform", but mainly noted that the stock has been a laggard year-to-date compared to peers Eni or Repsol.

This underperformance is likely due to the ill-timed acquisition of chemical firm Borealis, just before the Covid-19 began to become a global pandemic, it said, raising its target price for the stock to 40 euros from 33 euros.

OMV shares are up 5.6% in early afternoon trading.

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